· Talk about respective credit reports before marriage
· Know where both your and your partner’s key financial documents are located
· Have an estate plan in place, including a will, health care proxy, and power of attorney
· Maintain a joint account for household bills, and keep individual accounts for discretionary spending
· Avoid combining debt, as a stellar credit report can become tainted by combining or signing on for new debt with a spouse with a not-so-perfect credit score
· Have an emergency fund; best rule of thumb is three to six months of expenses set aside
· Maintain an agreed upon budget
· Communicate openly about mutual financial goals
· Know when to seek professional help for marital or financial problems
If couples talk about their finances and avoid pitfalls, they can enjoy an easier path to marital bliss.
About the Financial Planning Association™
Since the year 2000, the FPA™ MA has sought to foster the value of financial planning and advance the financial planning profession in the Bay State. Our 900 members are dedicated to the financial planning process, which entails establishing personal and financial goals and creating a way to reach them. FPA™MA believes that everyone needs objective advice to make smart financial decisions and that when seeking the advice of a financial planner, the planner should be a CFP® certificant.
Many FPA™ MA members engage in philanthropic pro bono work in their communities. They also recommend legislation, elevate public awareness, promote financial literacy, and advocate for sound economic and tax policies. We welcome all those who advance the financial planning process and promote the CFP® mark as the cornerstone of the financial planning profession. For more information please call 866-804-0484 or visit www.fpama.org.